CBN, Regional Partners Finalize Eco Currency Framework Ahead of 2027 Launch

Governors of central banks from 12 West African nations, including Nigeria’s Central Bank Governor, are meeting in Monrovia, Liberia, to advance technical and institutional preparations for the long-awaited Eco regional currency, scheduled for launch in 2027. Nigeria’s Presidency disclosed this in a statement released on Saturday.

The three-day session, convened under the Economic Community of West African States, is focused on finalising policy alignments and governance structures critical to operationalising the single currency project.

According to the Presidency, the meeting represents a decisive step toward strengthening economic integration, enhancing monetary cooperation, and facilitating cross-border trade across West Africa.

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The Eco currency is designed as part of ECOWAS’ broader integration architecture, mirroring aspects of the European Union model. It aims to complement existing regional instruments such as the ECOWAS passport, while promoting harmonised financial systems and greater regional mobility.

The first phase of implementation is expected to involve Liberia, Nigeria, Ghana, Sierra Leone, Guinea and The Gambia, subject to each country meeting agreed macroeconomic convergence criteria and completing institutional governance frameworks.

The Monrovia discussions follow the December 2025 ECOWAS Summit in Abuja, where Heads of State reaffirmed their commitment to the 2027 launch date. Member states were directed to accelerate fiscal and monetary policy alignment to ensure a stable and sustainable monetary union.

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The Eco initiative has faced repeated delays, largely due to macroeconomic divergence, inflationary pressures, fiscal deficits and exchange rate instability. The renewed push signals West Africa’s determination to build a more integrated and resilient regional economy anchored on monetary discipline, policy coordination and shared prosperity.

The proposed Eco currency is expected to foster greater economic integration among ECOWAS member states by facilitating trade through a unified payment system, enhancing price stability, attracting foreign direct investment by presenting a more stable economic bloc, and improving cross-border transactions to make it easier for businesses to operate seamlessly across the region.

While the Eco promises significant benefits, challenges remain, including divergent fiscal policies among member states, high inflation rates in some economies, foreign exchange volatility and the need for strong institutional frameworks to manage monetary policy effectively. If successfully implemented, the Eco could reshape trade, investment flows, and financial integration within ECOWAS, reducing currency conversion costs and strengthening intra-regional commerce.